Real Estate News

Banking portfolio remains healthy

Banking activities started the year with the right foot. Their results are adjusted to market conditions of the economy, which this year will grow at a slower pace as a result of the complicated international environment.

Domestic credit to the private sector showed a growth at the close of January to 14.3% over the same period last year, with mortgage (11.7%) and loans to Construction (40.1%) the most dynamic in the first month year, as reported by the Superintendency of Banks of Panama.

Panama and Costa Rica better prepared to weather economic storm

Panama and Costa Rica will remain the most stable economies in Central America for 2009 and 2010, while the region as a whole is on the brink of the worst economic downturn since the 1980s, the Central American Bank for Economic Integration (CABEI) reported.

It forecast growth in Panama's gross domestic product (GDP) of 4.7 to 5.7 percent; much less than the 9.2 percent seen in 2008, but still expected to be the highest in the region.

Tourism will receive $ 436.9 million

Despite the fact that the panorama of the tourism in other countries is somewhat clouded because of the global economic crisis, in Panama investment in this sector is not stopped, it is expected that it will continue to grow long-term.

According to official information from the Tourism Authority of Panama (ATP) the projection for 2009 is the entering of 1.8 million tourists and in 2010 it is expected to exceed the barrier of 2 million visitors.

Panama: Latin American Base for French Companies.

French investment in Panama has reached $600 million and is projected to reach $1 billion in 2010.

The French ambassador to Panama, Pierre Henri Guignard, said: "Panama is a key player in the globalization of Latin America and our companies understand this." Sanofi-Aventis, Total and L'Oréal have chosen Panama as the headquarters for their Latin American operations.

The president of CAF recognizes "opportunities" of Panama in crisis times.

Panama shows that the moments of crisis are moments of opportunity, said in this country the president of the Corporación Andina de Fomento (CAF), Enrique Garcia, who opened the exhibition International Expocomer 2009, involving 27 countries

"Through Expocomer, Panama shows that the moments of crisis are moments of opportunity and that investment is part of the fundamental aspects to motivate and encourage the development and economy," Garcia said in his speech.

Fitch Ratings has affirmed the Republic of Panama's long-term foreign currency and local currency Issuer Default Ratings (IDRs) at 'BB+' with Positive Rating Outlooks. Fitch has also affirmed the short-term foreign currency IDR of 'B' and the country ceiling of 'BBB+'.

Higher savings and investment, partly due to the ongoing Canal widening project, should help Panama maintain stronger economic growth this year relative to the global slowdown in 2001/02 and also compared to regional peers.

DNA labs open in Panama

Panama remains a major business center, thanks to its economic and political stability and has become a hub or platform for foreign companies wishing to do business in Latin America.

An example of this is the reality of DNA Solutions, an international company specializing in the testing of deoxyribonucleic acid (DNA), which opened its offices in Australia 12 years ago and then spread to other parts of the world, with three laboratories.

Colonial Revival in Panama City's Casco Viejo

It's been nine years since the Panama Canal was returned to sole Panamanian rule following almost a century of U.S. control. Since that time, Panama - a slim slice of a nation wedged between the Pacific and the Caribbean - has quietly emerged as Central America's must-discover hidden gem. And no wonder. With its mix of the eco (dense tropical rain forests), urban (a Miami-like skyline) and aquatic (crystalline diving sites), Panama is an all-in-one destination where the dollar is legal tender - and still manages to go a long way.